Balram Chainrai insists he will not make any 'rash promises' after finalising his buy-out of Portsmouth.
Football League approves Fratton Park takeover
Portsmouth owner Balram Chainrai insists he will not make any 'rash promises' after finalising his buy-out of the Championship club.
Chainrai, along with Levi Kushnir and Deepak Chainrai, has completed the purchase of Pompey which allows the club to emerge from administration.
The Football League has approved the takeover and has also lifted the transfer embargo, although all deals still remain subject to approval.
Chainrai is pleased to have secured control at Fratton Park and is looking forward to a bright future for the club.
Very pleased
"We are very pleased to have finally completed the sale process," Chainrai told the club's
official website.
"We look forward to working with the senior executive team and the football manager, and to be part of the rebuilding process of this historic club.
"We're not going to make any rash promises - first of all, we need to stabilise and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way.
"Having supported the club through the administration process, we pray that the team will continue its fantastic recent winning run, and we send our thanks and best wishes to Steve Cotterill and his players for the outstanding way they have performed despite the uncertain circumstances off the pitch."
Huge relief
Pompey chief executive David Lampitt commented: "It is a huge relief to come out of administration because the future of the club has been in jeopardy for a long time.
"It is a significant moment for everyone involved in the club, and we are now in a position where we can look to move forward on a more stable financial footing.
"This has been an extremely tough journey and the legacy of past events at the club means we still have a long way to travel and a number of battles to fight.
"However, throughout these difficult times one thing has remained constant - the incredible support of our fans, whose loyalty and patience has been tested to the limit."
