Portsmouth saved from closure(credit: Wikipedia
Portsmouth Football Club has exited administration after Balram Chainrai completed his takeover of the club.
There were fears Pompey could be shut down and liquidated after talks with former owner, and key creditor, Alexandre Gaydamak collapsed at the end of last week.
But Portsmouth fans can breathe a little easier now after Gaydamak agreed new terms over the repayment of a £2.2m debut owed to him, allowing Chainrai to finally complete his purchase.
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 satisfactory.
“Accordingly, the club has now been formally sold by the join 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.”