Source: FOOTYMAD
Portsmouth Exit Administration
Officially announced by the club. It has been officially announced that UHY Hacker Young have formally sold Portsmouth Football Club.A statement on the official website reads: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 cooperation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival.Interestingly, the new owner(s) haven't been formally announced yet. Ex-Hull City chairman Paul Duffen was linked with a bid on Saturday whilst Tom Lever has had his say, but it's most likely to be Balram Chainrai who takes control of the club.However, there is a rumour going around that Milan Mandaric is involved in the takeover, with some murmurings that Hong Kong businessman; Kenny Huang, recently linked with a takeover of Liverpool FC, may also be involved.Watch this space!
