manilaseagull
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BBC Sport - Football - Portsmouth out of administration
Portsmouth fans
Pompey went into administration in February 2010
Portsmouth have come out of administration after a deal was agreed with former owner Alexander Gaydamak to safeguard the club's future.
On Friday the club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Balram Chainrai.
But Gaydamak said late on Saturday that a new agreement had been agreed.
Portsmouth later announced the sale to Chainrai and confirmed that the club had come out of administration.
"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," read a statement on the Portsmouth website.
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"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."
Gaydamak had on Saturday night expressed his frustration with the club for scaremongering about the club being on the brink as he confirmed the deal, which will see Portsmouth pay him £2.2m in instalments over the next five years.
"The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation," said Gaydamak.
"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.
"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have.
"Everyone understood on Friday that further negotiations were now required.
"A new agreement was reached late this evening and as soon as I receive the papers I will sign them.
"I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."
Tim Stocks of Gaydamak's lawyers Taylor Wessing earlier responded to Pompey's claims by insisting there were merely some technical details to be agreed and that there was never any threat to the club.
Portsmouth's debt at one point stood at around £120m before they entered administration in February 2010 and were ultimately relegated, and the club's administrator Andronikou confirmed a deal worth 20p in the pound to unsecured creditors had been agreed.
Cheating scum..
BBC Sport - Football - Portsmouth out of administration
Portsmouth fans
Pompey went into administration in February 2010
Portsmouth have come out of administration after a deal was agreed with former owner Alexander Gaydamak to safeguard the club's future.
On Friday the club had claimed they were on the brink of ceasing trading because Gaydamak had refused to sign a deal to sell to Balram Chainrai.
But Gaydamak said late on Saturday that a new agreement had been agreed.
Portsmouth later announced the sale to Chainrai and confirmed that the club had come out of administration.
"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," read a statement on the Portsmouth website.
606: DEBATE
Have your say on this story
"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."
Gaydamak had on Saturday night expressed his frustration with the club for scaremongering about the club being on the brink as he confirmed the deal, which will see Portsmouth pay him £2.2m in instalments over the next five years.
"The news this week surrounding football and this club shows that the current preoccupation with money and finance isn't helping the game and its reputation," said Gaydamak.
"Portsmouth Football Club, its fans, employees, players and the community that surrounds it deserve better than being subjected to rumour resulting from some parties using the press to create uncertainty as a negotiating tactic.
"I fully intended to sign the deal on Friday and had it not been changed at the last minute I would have.
"Everyone understood on Friday that further negotiations were now required.
"A new agreement was reached late this evening and as soon as I receive the papers I will sign them.
"I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future."
Tim Stocks of Gaydamak's lawyers Taylor Wessing earlier responded to Pompey's claims by insisting there were merely some technical details to be agreed and that there was never any threat to the club.
Portsmouth's debt at one point stood at around £120m before they entered administration in February 2010 and were ultimately relegated, and the club's administrator Andronikou confirmed a deal worth 20p in the pound to unsecured creditors had been agreed.
