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.
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."