Mon, 25 Oct 2010 | BUSINESS SALE
Portsmouth FC is celebrating a much-needed off-pitch triumph, after it was purchased out of administration with the Football League’s approval.
The deal to allow the club to exit administration has officially been accepted, making Balram Chainrai, Levi Kushnir and Deepak Chainrai the new owners.
A condition for the purchase - imposed by the Football League - means that Balram Chainrai must wait until all the creditors are fully paid before moving any cash out of the club.
In February Mr Chainrai, a Hong Kong-based businessman, took control of the club before placing it into administration, effectively becoming its fourth owner in the space of one year. A Company Voluntary Arrangement has now enabled the club’s fortunes to be turned around.
On Friday evening, the club said it was on the point of closing down because of an overdue payment, while the former owner Alexandre Gaydamak had apparently put off signing an agreement to transfer ownership of the club to Chainrai.
Chainrai 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.”
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