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Pompey out of administration
24 Oct 2010 - 11:14:56
Portsmouth have come out of administration after a deal was struck with former owner Alexandre Gaydamak.
The future of the south coast club had looked in serious doubt on Friday when negotiations with Gaydamak over the £2.2million he is owed broke down,
However, he has now reached an agreement which will see the sum paid back over the next five years.
That has allowed the administrators to safeguard the future of the club and former owner Balram Chainrai is now back in charge at Fratton Park.
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 satisfactorily concluded.
"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."
Pompey were the first top-flight club in the Premier League era to slide into administration when their debts reached the £120milliion mark back in February.
They were subsequently docked points and relegated to the Championship at the end of last season.