The sale of Portsmouth approved by the Football League
The Football League has approved the sale of Portsmouth football club to new owners Balram Chainrai, Levi Kushnir and Deepak Chainrai.
The trio managed to reach a financial agreement with former owner Alexandre Gaydamak, lifting the club out of administration. Portsmouth can now look forward to a new era.
"We're not going to make any rash promises. 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," said Chainrai.
This is very positive news for Portsmouth. but it's important to point out that the club is not
completely out of trouble just yet.
Portsmouth is a club that has endured a lot of negative press over the last eighteen months. This deal and approval by the football league means Portsmouth's financial situation may finally heading in
the right direction.
Players and staff in the club can now focus on doing well. It was a big blow for Portsmouth to be relegated from the Premier League and there will be a clear drive and ambition to take the club back to
the top flight of English football.
It's important to remember that the club still has a financial commitment to Gaydamak. Portsmouth must pay the former owner a total of £2.5 million over the next five years.
"It is a huge relief to come out of administration because the future of the club has been in jeopardy for a long time. 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," added chief executive David Lampitt.
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