Previous
West Bromwich Albion
Middlesbrough
0
0
FT
Game Details
Manchester City
West Ham United
3
1
FT
Game Details
Athletic Bilbao
Barcelona
0
1
FT
Game Details
Internazionale
Palermo
1
1
FT
Game Details
Cagliari
AS Roma
2
2
FT
Game Details
AS Monaco
Paris Saint-Germain
3
1
FT
Game Details
New York Red Bulls
New England Revolution
1
0
FT
Game Details
Portland Timbers
Seattle Sounders FC
4
2
FT
Game Details
Orlando City SC
New York City FC
2
1
FT
Game Details
Next

Trending: Klopp reassures Daniel Sturridge

Latest
Read

Raul Jimenez shines for Benfica

Mexico
Read
By ESPN Staff

Portsmouth exit administration as club is sold

Portsmouth have exited administration after former owner Sacha Gaydamak reached an agreement with the club over cash owed to him.

Championship round-up

The club have now confirmed the completion of the sale of the club to Balram Chainrai, Levi Kushnir and Deepak Chainrai, following the approval of the Football League.

But Gaydamak also expressed his frustration with the club for scaremongering about the club being on the brink. Under the deal, Portsmouth will pay Gaydamak £2.2 million in instalments over the next five years.

Gaydamak said on Saturday: "The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation.

"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.

"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have. Everyone understood on Friday that further negotiations were now required.

"A new agreement was reached late this evening and as soon as I receive the papers I will sign them. I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."

The club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign the deal. After Gaydamak confirmed that he would sign an agreement, the club issued a statement expressing their delight that the issue had been resolved.

"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," the statement read.

"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."

Comments

Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment, and may be used on ESPN's media platforms. Learn more.