Portsmouth FC exit administration
Following a nerve-wrecking 24 hours, Portsmouth FC have come out of administration and saved the future of the club.
In a turn of events more dramatic than any penalty shootout, Pompey have now agreed a deal with former owner Alexander Gaydamak to sell the club to Balram Chainrai, the Hong Kong businessman who now owns the south coast side, and has taken them out of administration for the first time in eight months.
Only on Friday, Pompey claimed that a row over a £2.2million sum owed to Gaydamak threw the club’s very existence into question, with yesterday’s Championship fixture away to Hull City threatening to be Portsmouth’s last ever match. They won 2-1 on Humberside, but this victory is far more significant.
A statement of the Portsmouth’s official website confirmed the news that would have delighted fans.
“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,” it read.
“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.”
Pompey went into administration in February with debts of around £120million, with the subsequent nine point deduction ensuring relegation from the Premier League. Despite this, they still managed to reach the FA Cup final at Wembley, where they lost 1-0 to Chelsea, two years on from winning the trophy by beating Cardiff City in the final.
Gaydamak – who took over at Pompey in 2006 – accused the club and its administrators of scaremongering by announcing that the future of Portsmouth was in jeopardy, but revealed his relief that this saga was finally over.
“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,” he said.
“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.
“I hope this draws to an end this unfortunate uncertainty surrounding the club. I wish everyone involved in the club well for the future.”
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