Supporters complete Pompey takeover
The Pompey Supporters' Trust (PST) has taken full control of Portsmouth, moving the League One side out of administration for the first time in 14 months.
A meeting between the former owners at Fratton Park and the PST settled the takeover on Friday in a much-needed boost for the struggling club.
Portsmouth have narrowly avoided liquidation since falling into administration in January 2012, but a supporter-led syndicate allowed the club to fall back under ownership. Fans contributed £1,000 to be part of the Trust, raising nearly £3million to complete the deal.
Although Portsmouth will be relegated to League Two next season, joint administrator Trevor Birch believes there is cause for optimism amongst Pompey supporters.
"We have cleared the final hurdle: all of the paperwork has now been signed and the sale concluded," Birch said. "It has taken more than 14 months of hard work from all concerned to get here and there were many times over that period when I didn't think we would make it; but we have, and Portsmouth Football Club can once again look forward to the future with optimism.
"The PST has shown what can be achieved when fans unite together for the good of their community. The club has been through considerable turmoil over the last few years, and I hope it can now enjoy a period of stability and the chance to build solid foundations for a sustainable future based on hard work and honest endeavour."
On Saturday morning, it was announced that Portsmouth had been deducted ten points from the current points total after exiting administration.
The Football League had previously confirmed Pompey would be deducted the points once they came out of adminstration but it was unclear if the penalty would come into effect during this season or next.
They have slipped from 22nd to the bottom of League One, while the Football League has also put in place restrictions on the club's playing budgets and borrowing.