Pompey future secured

Chainrai takeover sees club come out of administration

Last updated: 24th October 2010   Subscribe to RSS Feed

Pompey future secured

Chainrai: Completed takeover

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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.

Conclusion

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.

Comments (54)

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Kevin Kissane says...

Portsmouth didn''''t get docked any points at the start of this season as they were already in administration, a fact that the Premier League enforced with their 9 point penalty (why it''''s different I''''ve no idea), so no more points have been deducted, but i''''m not sure about the rules on entering a league WHILST in administration. Leeds (or should i say, Ken Bates) tried to con the system by entering administration when they were going to go down anyway, and was proven in doing so, hence the further points deduction. The bottom line is this; some of these chairmen have a lot to answer for, and they always seem to get away with it

Posted 13:06 25th October 2010

Alex Johnson says...

pompey survived without a points deduction .... i hate leeds but c''''mon where is the FA''''s consistency ... the FA is rubish in every way they are not fair they suspend players and not other ones for the same reasons and all the premier leagues referees have different rule book .... football does''''nt realise what a mess it is in and how many fans they are loosing

Posted 12:00 25th October 2010

Phil Hunter (Hull City fan) says...

I am disgusted. A business that was on its knees with £120M+ of debts is allowed to continue and the companies that are owe millions get stuffed with a 20p in the £1 deal. I am pleased it has not gone bust for the really good pompey fans. BUT whoever said this is a great day for football is so wrong. Football needs a big club to go out of business. It needs a wake up call. It needs these players that are paid stupid wages and obscene amounts of money and are so out of touch with the real world, to get a dose of reality. How can a player be paid in a week 6 times more than an average fan gets paid in a year?? As I state the fans are always the ones who lose out- unfortunately they lose- but look at the businesses that have lost out- some will have gone out of business because of the money lost!

Posted 11:44 25th October 2010

Kate Osterholm (Portsmouth fan) says...

To Alan Tomkins - would you have preferred to see us go bust then? Strange attitude. To John Coselott - deducted nine points and relegated last season, did you miss something??? That aside, it is heartening that most supporters of other teams, even our old rivals, have been rooting for us this weekend. A great club and great fans that are a credit to the football league, not our fault that a few cheating theiving swines put us in this position in the first place. Play up Pompey!

Posted 09:21 25th October 2010

Paul . (Southampton fan) says...

Great news! Aside from the local rivalry, it''''s great to see Pompey continue! I sympathise with those saying their clubs fate wasn''''t fair in comparison, but that''''s really not Pompey''''s fault, but the FA''''s. Saints fan

Posted 08:46 25th October 2010

Alan Tompkins says...

What a disgrace, my local team was closed down and forced to start again in a lower league for a £70,000 debt that was offered to be repaid immediately but Portsmouth are allowed to have a £120m+ debt written off and allowed to carry on. One rule for the Proffesional teams and another for the non league teams.

Posted 06:54 25th October 2010

Andy Cawte (Manchester United fan) says...

was at the KC stadium yesterday pompeys where my dads from so support the boys , hull fans and there pa were superb in giving pompey there support and luck in the future , great fighting spirit between players and the fans summed up at the end when the fans sang were so proud of you were so proud of you !!! Play up Pompey , Pompey play up !!!

Posted 21:17 24th October 2010

Nigel Cantrell (Portsmouth fan) says...

Amazing day for me, Pompey surviving and I finished the Great South Run to be interviewed by sky sports news on the finish line as I was wearing my Pompey top. What I forgot to say was how amazing it has been to see all the comments to Pompey from other teams fans. At the end of the day we all love supporting our teams and no-one wants to see greed ruining the game. I hope everyone can learn from what has happenned to Pompey. Nige

Posted 20:52 24th October 2010

John Hendry says...

Great news for football and for the fans of a team who supported by real football fans , heres hoping there back in the permiership next season

Posted 20:51 24th October 2010

Bradley Tolhurst (Portsmouth fan) says...

chuffed to bits PLAY UP POMPEY

Posted 20:45 24th October 2010

Dave M (Leeds United fan) says...

Great news pompey are saved .. but the new owner put them in administration in feb ? How can the football league let him be in charge again ? I`d be worried he`ll do it again if i was a supporter

Posted 20:26 24th October 2010

David Forster (Newcastle United fan) says...

So happy to hear this news, great fans and what should be a family club - so sad to see what is happening to the great game, I wish Portsmouth all the very best for the future!

Posted 20:12 24th October 2010

John Cosello (Leeds United fan) says...

Where are the points deduction like other teams have received. I suppose if it were Leeds they would prob get 25points ded or people would be asking them for expultion no sympathy what soever they should have had the book thrown at them like any other Football Club would get.

Posted 20:07 24th October 2010

John Cosellot (Leeds United fan) says...

Where are the points deduction like other teams have received. I suppose if it were Leeds they would prob get 25points ded or people would be asking them for expultion no sympathy what soever they should have had the book thrown at them like any other Football Club would get.

Posted 19:59 24th October 2010

Carl H (Liverpool fan) says...

I''''m a Liverpool fan but have Pompey as my 2nd team as i''''ve lived there for the last 4 years now. I''''m over the moon to see them survive this latest struggle and hope to see them back in the Premier League in the future.

Posted 19:51 24th October 2010

Pete Day (Portsmouth fan) says...

god bless sascha he was blue and now proven to be blue,steve youre doin a great job ,the players n blue army deserve football at the highest level PUP

Posted 19:40 24th October 2010

Gary Pearson (Brighton and Hove Albion fan) says...

Oh wow, look another last minute escape from a club going under. I wonder if all these fans that are saying its great to see Portsmouth survive would be saying the same if they or their families owned one of the businesses that Portsmouth are not paying yet they can still afford to sign two players at £20K a week despite being in administration. It is about time the spineless Football League took a stance against a club and actually made them accountable for their bad management, tell me again, what punishment did Portsmouth actually get? And more importantly why did the FL allow them entry to the league when they have a rule that states no club can join the FL while in administration??

Posted 19:14 24th October 2010

Rahul Advani (Manchester United fan) says...

really happy for all those connected with portsmouth..im sure they will be really happy they were on the verge of being wiped out and all their history being counted for nothing..it was truly sad to see a football club like that getting almost ruined..i hope their back and we play them at old trafford in the pl soon

Posted 18:12 24th October 2010

Duncan Bristow says...

Finally what seems to be an outcome that all us portsmouth fans can be optomistic about. Lets hope that in making promises we have all heard before we dont go back down this road. The club is moving forward on and off the pitch lets give the players and manager some extra support and funds. Play up pompey

Posted 17:25 24th October 2010

Jane Garcia (Portsmouth fan) says...

That was some 24 hours! Everyone is just relieved that we''''re finally safe (famous last words...) Sadly, despite this being a warning to other clubs although it still seems to be business as usual. How many more businesses that provide goods and services to football clubs in good faith are going to have to settle for 20p in the pound when the next club goes through this? Maybe it will take one or two more premiership clubs to go through this nightmare for the government to step in and pass legislation.

Posted 17:17 24th October 2010

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