Portsmouth FC takeover complete
Mon 25th Oct 2010 | Clubs Ownership
Portsmouth Football Club have confirm that the sale of the club to Balram Chainrai, Levi Kushnir and Deepak Chainrai has been completed.
In a statement on their official website the club noted that it’s received the approval of the Football League in relation to the new owners and the transfer of The Football League share to the new ownership company.
The south coast club faced an uncertain future after former owner Alexandre Gaydamak refused to sign the deal that would have seen the club sold to Balram Chainrai. However, the Russian reversed his decision after agreeing a payment plan which will see him receive the £2.5m he is owed repaid over the next 5 years.
This will now see the transfer embargo enforced on the club when it entered administration earlier this year lifted, although all deals will remain subject to Football League approval. The club will also be required to provide monthly reports to The Football League as part of the League's ongoing monitoring of the club's financial affairs.
Portsmouth 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 look to 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.
“After the events of the last 48 hours, the support at Hull on Saturday typified the spirit of this great club. You have played a huge part in getting the club back on its feet and I would like to thank everyone who has stuck by us.
"I would also like to thank my staff whose commitment to the club has never wavered during an incredibly difficult period.
“Finally, an important word of thanks goes to the Administrators – Andrew Andronikou, Peter Kubik, Michael Kiely and the other UHY staff – as well as their lawyers at Walker Morris. The work that has gone on behind the scenes to get us over the line should not be underestimated or forgotten about."
New owner Balram 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.
"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."
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