PORTSMOUTH’S future has been secured after the troubled club was sold following an 11th hour agreement with former owner Alexandre Gaydamak.
Businessmen Balram Chainrai, Levi Kushnir and Deepak Chainrai struck a deal with the creditors to buy Pompey and bring the south coast side out of administration.
“It is a huge relief because the future of the club has been in jeopardy for a long time,” said Portsmouth chief executive David Lampitt.
“It is a significant moment for everyone involved in the club, and we are now in a position where we can look to move forward on a more stable financial footing.”
New owner Balram Chainrai added: “We look forward to being part of the rebuilding process of this historic club.”
The sale will be a relief to Pompey’s supporters, who had feared for their club’s survival when administrator Andrew Andronikou warned on Friday that the side faced liquidation unless a deal with Gaydamak could be agreed. However, on Saturday it was announced Portsmouth would pay Gaydamak £2.5m in instalments over the next five years.
Steve Cotterill’s side lie 13th in the Championship, after they ignored the off-field drama to secure a 2-1 victory at Hull on Saturday.