Liam Lawrence has agreed a compensation package with Portsmouth Football Club and will become a free agent, meaning Pompey will no longer have any high earners on the wage bill.
Trevor Birch released a statement earlier today to confirm the news with just the paperwork left to be finalised. He also stated that Portpin are now primed to become the club's owners again with Balram Chainrai "reluctantly" taking charge.
Many fans, myself included, will not be happy that one of the men primarilly responsible for Pompey's demise in recent years will once again have control of a football club he has no personal interest in.
However, it is possible that the Trust could take over the club in the future and this deal will ensure that Portsmouth FC survives in its current guise whilst giving the Trust extra time to refine their takeover plan and raise more money.
In the meantime, expect a deluge of signings to be confirmed before Tuesday when Pompey begin their season at Plymouth for the first round of the League Cup.
Let's just hope Mr. Chainrai isn't too stringent and allows Michael Appleton to sign the players he wants from his group of trialists given that there are already rumours that the de facto Pompey owner is looking to tighten the purse strings even further.
If Appy is not given the tools he requires to do his job, then he may well walk out just as the season is about to begin.