Portsmouth Are Out Of Administration

Portsmouth have confirmed the sale of the club to businessmen Balram Chainrai, Levi Kushnir and Deepak Chainrai has been completed. The deal, which has safeguarded Portsmouth's future, has received Football League approval, with the transfer embargo placed on the club lifted. The club had claimed on Friday evening that they were on the brink of ceasing trading because former owner Alexandre Gaydamak had refused to sign a deal to sell the club. But Gaydamak confirmed last night that he would sign an agreement and the deal has finally gone through.

Chief executive David Lampitt said, "It is a huge relief to come out of administration because the future of the club has been in jeopardy for a long time. It is a significant moment for everyone involved in the club, and we are now in a position where we can move forward on a more stable financial footing. This has been an extremely tough journey and the legacy of past events at the club means we still have a long way to travel and a number of battles to fight. However, throughout these difficult times one thing has remained constant - the incredible support of our fans, whose loyalty and patience has been tested to the limit."

And after months of uncertainty at Fratton Park, new owner Balram Chainrai has promised to stabilise the club. He said, "We are very pleased to have finally completed the sale process. We look forward to working with the senior executive team and the football manager, and to be part of the rebuilding process of this historic club. We're not going to make any rash promises - first of all, we need to stabilise and Levi and I will be taking time to get a closer understanding of the business so that we can ensure the club is taken forward in the right way.

"Having supported the club through the administration process, we pray that the team will continue its fantastic recent winning run, and we send our thanks and best wishes to Steve Cotterill and his players for the outstanding way they have performed despite the uncertain circumstances off the pitch," added Chainrai

After a disastrous start to the campaign, Pompey have made light of their off-the-field problems in recent weeks, having won five of their last six Championship games and currently sit 13th in the table.

Bookmark and Share

Related Posts Plugin for WordPress, Blogger...


FOOTBALLMONKEY is an independent site, that was founded out of passion for football. Our goal is to bring you the best in football news without any prejudice or bias. We are going bananas over football, all the time! Thank you for your visit and support!