Portsmouth sold as club’s future safeguarded at last

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.